country’s total profit and royalty earnings from the sector.

This is according to Chartered Accountant and prominent Attorney-at-Law, Christopher Ram. In his most recent column published by the Stabroek News, the lawyer weighed into the recent revelation that ExxonMobil is paying taxes to the Bahamas and none to Guyana where it generates massive profits.

Ram argues that this development would almost be comical were it not so devastatingly costly to Guyana. To put the situation into context for readers, the columnist explained, “The Bahamas, a country with only sand, sea and shells, will soon generate more tax revenue from Guyana’s oil industry than Guyana itself!!”

He pointed out that Guyana’s government has refused to exercise its sovereign right and power to tax all income earned in Guyana. This is so as the 2016 Production Sharing Agreement (PSA) with Exxon and partners waives the payment of corporate and other tax payments to the country.

In the meantime, Ram in his explosive piece noted, “The Bahamas’ initiative-taking adoption of the OECD’s Pillar Two framework exposes Guyana’s fiscal negligence and its leaders’ spineless subservience to ExxonMobil and multinational interests. The framework ensures that multinational enterprises pay a minimum tax of 15%.”